$BTCUSD Update
I entered my second position on BTC just below $45,000. I am holding with a bullish bias.
I have been asked to share some analysis recently and an update on my thoughts as to what the price is doing following some resistance at $60,000 and support at $48,000.
I have carried out some extensive testing on this instrument against other currencies and I have also tested this compression channel on 4 of the currency pairs I trade it on which include EURUSD, AUDUSD, NZDUSD & USDJPY.
All have great results.
This happens to be the strategy I have used on both of my long-term BTC entries which you can read about and watch elsewhere.
With this particular compression channel, I have found that there is a 77% chance of extending beyond the initial high (compared to a 71% chance of retesting the initial high on my other currency pairs).
I have also found that before the extension there is a higher probability of an initial decline before the rally.
Anyone looking to trade this market could look to set a buy stop to catch the breakout. If you take this approach, you have to have a position for the stop loss which I have found to decline on average 20% of the initial high before carrying on upwards.
OR
Wait for the decline then get in at a better price. The downside to this is missing the move. (This is always my approach as I would rather have less risk)
Either way, I'm confident in my long-term position following my last position of 657% ROI.
Next level of resistance I am predicting is - $65,000
I believe we will see $100,000 by the end of this year.
I have been asked to share some analysis recently and an update on my thoughts as to what the price is doing following some resistance at $60,000 and support at $48,000.
I have carried out some extensive testing on this instrument against other currencies and I have also tested this compression channel on 4 of the currency pairs I trade it on which include EURUSD, AUDUSD, NZDUSD & USDJPY.
All have great results.
This happens to be the strategy I have used on both of my long-term BTC entries which you can read about and watch elsewhere.
With this particular compression channel, I have found that there is a 77% chance of extending beyond the initial high (compared to a 71% chance of retesting the initial high on my other currency pairs).
I have also found that before the extension there is a higher probability of an initial decline before the rally.
Anyone looking to trade this market could look to set a buy stop to catch the breakout. If you take this approach, you have to have a position for the stop loss which I have found to decline on average 20% of the initial high before carrying on upwards.
OR
Wait for the decline then get in at a better price. The downside to this is missing the move. (This is always my approach as I would rather have less risk)
Either way, I'm confident in my long-term position following my last position of 657% ROI.
Next level of resistance I am predicting is - $65,000
I believe we will see $100,000 by the end of this year.
Penafian
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